GHC
Graham Holdings CompanyConsumer Defensive·Education & Training Services
$1,097.29
$4.8B market cap
Revenue
$2.5B
Free Cash Flow
$45.9M
Rev Growth
+0.0%
FCF Margin
1.8%
P/FCF
103.5x
EV/FCF
106.5x
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
Graham Holdings Company, through its subsidiaries, operates as a diversified education and media company worldwide. It provides test preparation services and materials; data science and training services; professional training and exam preparation for professional certifications and licensures; and non-academic operations support services to the Purdue University Global. The company also offers training, test preparation, and degrees for accounting and financial services professionals; English-l
2-Year Price History
$1104.69+49.1%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 1,236 | 96.1 | 76.9 | 29.1 | 67.7 | 48.6 | -19.2 | 1,108 | 1,246 | 4.4 | 9.8% | 5.9x | -- |
| Act | 2025-Q4 | 1,251 | 104.2 | 60.5 | 108.7 | 20.6 | -2.6 | -23.3 | 1,356 | 1,732 | 4.4 | 4.8% | 76.8x | -- |
Valuation & Metrics
Market Stats
Price$1,097.29
Market Cap$4.8B
Enterprise Value$4.9B
P/S Ratio1.9x
P/FCF103.5x
EV/FCF106.5x
FCF Margin (TTM)1.8%
FCF Yield1.0%
Dividend Yield (TTM)0.8%
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$2.5B
Net Income$137.8M
Free Cash Flow$45.9M
Revenue Growth (YoY)+0.0%
EBITDA Margin8.1%
Net Margin5.5%
FCF Margin1.8%
CapEx % of Revenue1.7%
SBC % of Revenue0.1%
ROIC7.3%
WC Change % Rev0.9%
Interest Coverage11.3x
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares0.1M
Days to Cover5.0
Change (vs Prior)+19.5%
Need at least 2 settlement dates for chart
Employees
Headcount15,382
Revenue / Employee$161,683
Gross Profit / Employee$47,015
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
32.3%(+4.9% YoY)
307 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
27.9%(+2.0% YoY)
12 filers
Vanguard, iShares, SPDR
Market makers
0.2%(-0.1% YoY)
6 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| BlackRock, Inc.Passive | $439M | $812.31 | +$2.5M | −$7.0M | -0.2% | $5.69T |
| Madison Avenue Partners, LP | $260M | $706.65 | +$0 | +$590K | +3.0% | $2.25B |
| DIMENSIONAL FUND ADVISORS LPPassive | $249M | $556.37 | −$2.7M | −$37.6M | -0.4% | $480.92B |
| VANGUARD PORTFOLIO MANAGEMENT LLCPassive | $184M | $1055.49 | +$184M | +$184M | — | $1.91T |
| Wallace Capital Management Inc. | $164M | $557.34 | −$2.1M | −$10.3M | -0.6% | $871M |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $154M | $1055.49 | +$154M | +$154M | — | $4.04T |
| STATE STREET CORPPassive | $132M | $796.25 | −$2.5M | −$4.9M | -0.2% | $2.89T |
| FIRST TRUST ADVISORS LP | $97.8M | $1029.71 | +$8.0M | +$73.7M | +0.1% | $139.72B |
| AQR CAPITAL MANAGEMENT LLC | $97.5M | $868.77 | +$6.5M | +$35.4M | -0.2% | $218.19B |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $92.8M | $754.06 | +$631K | +$6.1M | +2.3% | $1.61T |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $46.7M | $592.81 | −$1.7M | −$8.7M | +0.7% | $645.81B |
| NORTHERN TRUST CORPPassive | $43.2M | $880.72 | +$1.4M | −$2.5M | -0.2% | $755.34B |
| SOUTHEASTERN ASSET MANAGEMENT INC/TN/ | $39.9M | $1014.00 | +$2.2M | −$18.4M | -2.3% | $2.03B |
| MORGAN STANLEY | $38.6M | $738.03 | +$7.1M | +$3.3M | -0.3% | $1.65T |
| GOLDMAN SACHS GROUP INC | $33.0M | $710.13 | −$4.9M | +$4.3M | -0.2% | $760.93B |
| Bank of New York Mellon Corp | $31.2M | $767.49 | −$14.8M | −$13.9M | -0.2% | $543.21B |
| RAYMOND JAMES FINANCIAL INC | $30.9M | $865.32 | +$121K | −$1.7M | -0.0% | $322.69B |
| VICTORY CAPITAL MANAGEMENT INC | $29.7M | $994.82 | +$22.9M | +$24.7M | -0.2% | $156.12B |
| JPMORGAN CHASE & CO | $27.1M | $778.77 | −$1.5M | +$3.7M | -0.2% | $1.47T |
| Invesco Ltd. | $26.9M | $675.28 | +$972K | +$4.0M | -0.2% | $652.04B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)NEUTRAL
Holders
+0.33%
avg per quarter
Holders (ex-self)
+0.32%
excl. this stock
Buyers (this Q)
-0.04%
105 buyers · $0.48B in
Sellers (this Q)
-0.15%
112 sellers · $0.13B out
alpha coverage: 87% of $ has a lifetime-alpha record
Holder behavior (holder profile)source: holder
On big dips (−10%+)
-3.4%
how holders react when this stock falls
On quiet Qs
-7.0%
−10% to +10% baseline
On rallies (+10%+)
-14.4%
how they react when this stock rises
Holders' portfolio flow this Q
-0.3%
outflows — trims may be forced
Sellers' portfolio flow this Q
+2.1%
Sellers grew AUM elsewhere — opinionated cut of this stock.
Biggest decreases this quarter
Bank of New York Mellon Corp−$14.8Mα-0.2Pacer Advisors, Inc.exited−$14.1MARROWSTREET CAPITAL, LIMITED PARTNERSHIPexited−$10.5MLAZARD ASSET MANAGEMENT LLCexited−$5.0MGOLDMAN SACHS GROUP INC−$4.9Mα-0.2DIMENSIONAL FUND ADVISORS LP−$2.7Mα-0.4STATE STREET CORP−$2.5Mα-0.2HUSSMAN STRATEGIC ADVISORS, INC.exited−$2.3MWallace Capital Management Inc.−$2.1Mα-0.6TUDOR INVESTMENT CORP ET ALexited−$2.0M
New buyers this quarter
Top-5 holders · 45.3%
BlackRock, Inc.--
Madison Avenue Partners, LP--
DIMENSIONAL FUND ADVISORS LP--
VANGUARD PORTFOLIO MANAGEMENT LLC--
Wallace Capital Management Inc.--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
Madison Avenue Partners, LP246KWallace Capital Management Inc.155KSOUTHEASTERN ASSET MANAGEMENT INC/TN/38KAQR CAPITAL MANAGEMENT LLC92KFIRST TRUST ADVISORS LP93KFIDUCIARY MANAGEMENT INC /WI/—CHARLES SCHWAB INVESTMENT MANAGEMENT INC44KBank of New York Mellon Corp29KGOLDMAN SACHS GROUP INC31KInvesco Ltd.25K
Related Stocks
Investors who own this also own
Stocks held by the same active managers as this one, ranked by score — how much more often these appear together than random chance (1× = baseline). Excludes index ETFs and market makers; minimum 3 shared holders.
| Ticker | Name | Co-holders | Score |
|---|---|---|---|
| BRK-B | Berkshire Hathaway Inc. | 4 | 3.32× |
Corporate
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Officers & directors
Buys ($, 12mo)
$0
0 txns · 0 insiders · 0 sh
Sells ($, 12mo)
$7K
1 txn · 1 insider · 7 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2025-07-30 | SELL | Allen Tony | director | 7 | $942.89 | $7K | $8K |
Order Flow (FINRA, ~3w lag)
14.5%retail-0.9pp
24.6%dark+0.5pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
Graham Holdings Co: Pension-Led Earnings Masking M&A Integration Friction
Overall Risk
4/10
Fraud
2/10
Dilution
2/10
Insolvency
2/10
Earnings Overstated
5/10
Hidden Liabilities
4/10
Legal
3/10
Audit Warnings
2/10
Hidden Upside
9/10
Contextually Acceptable
8/10